Just curious a Will or a Trust ?

Goodie2shoes · ‎04-30-2012

I don't have either yet and it's a little hard to put pen to paper on this. I know it must be done, my son and daughter are pretty strong minded so I don't want there to be any problems between the 2 of them. Anyone else having thoughts about this ? I know there is a revocable and non revocable trust, some say don't do a will. What have you done or have you thought about it? I plan on living until at least 110 !

LuvmyLab · ‎06-07-2010

My husband and I have a revocable living trust. My mother, who passed away in August, also had one. I was the executor of her estate which made it so much easier as there is no probate with trusts. Everything automatically goes to the beneficiary designations. Trusts are not cheap, but totally worth it in my opinion. It made it so much easier to settle her estate quick and easy. Don't do one on your own, you need an attorney.

chrystaltree · ‎05-10-2010

I think you need to talk with an estate attorney. There is not "one size fits all" approach to this.

Peaches McPhee · ‎04-19-2010

I thought you'd want to have both. One for while you are alive, and one for when you pass. Not that I am an expert, of course, but my mom and inlaws have both.

-- pro-aging --

Rochester, New York

fthunt · ‎12-24-2010

Can't believe you haven't done a Will...........at your age. No disrespect intended - but you must have some assets to protect or assign to the living.

Probate attorneys love no Will ......perhaps have do more & charge more.

Yes, I've done mine - a few times as life has changed.

Jackyl · ‎10-15-2010

My estate attorney wrote us up both. In my experience, assets transfer very, very easily with a trust, that's why we did it.

Snowpuppy · ‎03-09-2010

Agree, seek some legal advice.

Trusts, your heirs can usually avoid probate court. Depending on where you live, the costs and fees for probate are high even for a modest estate.

KaySD · ‎08-16-2016

I'd suggest this is not something to just be curious about, it is a question you should put to a lawyer--preferably one who does this kind of work all the time. The issues can get complicated depending on the specific probate laws in your state, your family, the size and complexity of your estate, your age, your tax situation, etc.

What's right for any of us on this forum is more than likely not right for you.

The cost of a lawyer is totally worth it to get this the way you want it--unless you don't have much to leave, in which case why worry about it at all?

I'd also encourage you to do it as soon as you can--to get it off your mind, and just in case you leave earlier than 110!

patbz · ‎03-10-2010

@LuvmyLab : DH and I have had a Revocable trust for several decades. My parents also had a trust although at first they thought they only needed a will. Several years later they upgraded to a trust and I was the Executrix. Do not have your kids share this responsibility; either appoint one or someone else ( there has to be a decision maker). My parents passed within three years of one another and completing my duties went very smoothly ( my brother was very pleasantly surprised by the large check he received ). We have a will as part of our trust. We also update our trust every 10 years or when we moved to another state; updating only cost about $300. One way that could cut the cost of a trust is to do it yourself with software, such as Suze Orman ( it makes adjustments depending on which state in which it is executed ). If it were me, I'd then have it reviewed by an attorney (he/she could make adjustments as needed, might be less expensive but at least you'd have a framework). In any case, it needs to be notarized. We took an extra step: ran copies of all paper work associated with our estate and included a copy of our trust, boxed it, sealed it all with lots of duct and gave it to a trusted relative out of state. Of course, our local.lawyer also has a copy. Btw, for several years I gave Suze's trust kit to relatives as they graduated from college because you can execute a legal trust using this, just be sure to have it notarized.

Goodie2shoes · ‎04-30-2012

@fthuntwrote:

Can't believe you haven't done a Will...........at your age. No disrespect intended - but you must have some assets to protect or assign to the living.

Probate attorneys love no Will ......perhaps have do more & charge more.

Yes, I've done mine - a few times as life has changed.

I didn't include my age in my post ! However I just wanted to get some feedback on what others have considered or done. Thanks